In 2022 the Demand for Mortgages in the Vladimir Region Has Almost Halved

In the Vladimir region from May 2021 to May 2022 every 20-th in the thousand economically active population took a mortgage loan, according to Rosstat. According to this indicator the region ranked 59th.

Thus, by May 2022, the average size of the mortgage was 2.8 million rubles. For comparison, in Moscow, the figure is equal to 6.8 million rubles, and 15.4 people have taken out a housing loan per thousand economically active residents. Among our geographical neighbors, the “average check” mortgage is the lowest in Yaroslavl region – 2.56 million rubles.

During the first five months of 2022, the number of mortgage loans in our region was 44.2% lower than the same period last year, according to RIA Rating.

A sharp decrease in demand for mortgages in Russia was observed in March 2022 after the Central Bank raised its key rate to 20%. The Central Bank has already begun to reduce the rate in mid-April, and to date it is 9.5%. For comparison, in the first half of 2021 the key rate in Russia ranged from 4.24% to 5.5%, which allowed banks to offer favorable conditions on the mortgage.

In May, the demand for this financial product increased after conditions for taking a mortgage improved. At the same time there was an increase in supply on the primary real estate market, as the houses built during the rush in demand for real estate in 2020 and 2021 were about to be commissioned. So, according to Vladimirstat, in May 2022 the volume of construction work was 53% higher than in May 2021.

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